Bharat Electronics Limited
Incorporated in 1954, Bharat Electronics Ltd manufactures and supplies electronic equipment and systems to the defence sector. Company also has a limited presence in the civilian market.
Key Business segments
1) Defence (81% in FY24 vs 90% in FY22): The company develops advanced electronic equipment, systems, and services.
2) Non-Defence (15% in FY24 vs 8% in FY22): The company diversified its business by developing innovative products and solutions for civilian markets, including sectors.
3) Exports (4% in FY24 vs 2% in FY22): The company exports Transmit & Receive (TR) Modules, Data Link II, RWRs, MAWS, LRSAM main equipment, Mechanical Parts, Training Simulators, Communication equipment, etc.
Shareholding Pattern
-PUBLIC GROUP
-PROMOTER GROUP
Financial Summary
| Particulars | Mar-23 | Mar-24 | Mar-25 |
| Sales | 17,734 | 20,268 | 23,769 |
| Sales Growth % | 15.40% | 14.29% | 17.27% |
| Expenses | 13,645 | 15,217 | 16,935 |
| Operating Profit | 4,090 | 5,051 | 6,834 |
| OPM % | 23% | 25% | 29% |
| Net Profit | 2,986 | 3,985 | 5,323 |
| EPS in Rs | 4.08 | 5.45 | 7.28 |
Synopsis of Financials
- Turnover: ₹23,024 crore (16.2% YoY growth vs ₹19,820 crore in FY24)
- EBITDA margin: 29.4% (vs 25.2% last year; ~400bps expansion)
- PBT: ₹7,090 crore (32.9% YoY growth)
- PAT: ₹5,288 crore (31.6% YoY growth)
- EPS: ₹7.23 (vs ₹5.50)
Final Outlook
For BEL, the profits have grown significantly, reflecting a strong financial performance.
The company’s profits grew by 31.55% in financial year 2024–25, following a 30% growth in the previous year.
This shows a consistent upward trajectory in profits.
The subsidiaries and associate companies have contributed to the strong financial performance, while the standalone profits saw a slight dip in comparison.
BEL’s CAGR for the last 5 years stands at 1594.59%, outperforming Nifty 50’s CAGR of 151.66%.
This highlights BEL’s impressive growth and strong return for its stakeholders.
There has been remarkable growth in profits over the years, and BEL’s strong financial performance, supported by its subsidiaries and associate companies, signals continued upward momentum. With a CAGR of 1594.59% over 5 years — outperforming Nifty 50’s 151.66% — and a 31.55% profit growth in the most recent year, BEL is poised to grow its investors’ wealth in the long term.
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